DuPont CEO and CFO to leave company
Stock Alert: Apple Tumbles After Warning About Coronavirus Impact
Apple Inc. (AAPL) is down nearly 3% on Tuesday morning after the iPhone maker said it would probably won’t meet sales guidance due to coronavirus impact.
The Cupertino, California-based company said it would not be able to meet its previously issued revenue guidance of between $63 billion to $67 billion for the quarter ending in March.
The tech giant cited the worldwide iPhone supply shortages due to the production disruption in China, as well as weakened demand among Chinese consumers due to the coronavirus.
“Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said.
Apple temporarily closed all of its stores in China. The company said it is gradually reopening stores, but those locations have been operating at reduced hours and with very low customer traffic.
Analysts polled by Thomson Reuters currently expect the company to report revenues of $65.26 billion for the quarter. Analysts’ estimates typically exclude special items.
AAPL is currently trading at $316.98, down $7.97 or 2.45%, on the Nasdaq.
Trump: Blocking GE jet engine sales to China 'ridiculous'
White House trade adviser Peter Navarro on trade deficit narrows for first time in 6 years
U.S. employers added 225,000 jobs in January which lifted the unemployment rate to 3.6%; White House trade adviser Peter Navarro weighs in.
President Trump pushed back on a potential proposal from his administration to block the sale of GE jet engines to China.
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"We want to sell product and goods to China and other countries," Trump tweeted Tuesday. "That's what trade is all about. We don't want to make it impossible to do business with us. That will only mean that orders will go to someplace else."
"I want China to buy our jet engines, the best in the World," he continued, declaring the U.S. "open for business."
The administration was reportedly weighing a decision to block the export of jet engines co-produced by GE to China, in part over concerns that the country could reverse-engineer the product, posing a potential threat to U.S. business.
The president said some regulations being "contemplated" by Congress are "ridiculous" and that everyone in his administration has been instructed to work on making it easier to do business with America.
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FOX Business' Evie Fordham contributed to this report.
Stock Alert: Franklin Resources Gains Almost 8%
Shares of Franklin Resources, Inc. (BEN), a global investment management organization operating as Franklin Templeton, are rising almost 8 percent in the morning trade on Tuesday, at $26.25. The stock has traded in a range of $23.96 to $35.82 in the past 52 weeks.
Tuesday, Franklin Resources said it agreed to acquire rival asset manager Legg Mason, Inc. (LM) for $50.00 per share of common stock, in an all-cash transaction of $4.5 billion. Franklin Resources will also assume about $2 billion of Legg Mason’s outstanding debt.
Franklin Resources noted that the acquisition of Legg Mason and its affiliates will establish the company as one of the world’s largest specialized global investment managers, with a combined $1.5 trillion in assets under management or AUM and presence in key geographies.
Legg Mason and its multiple investment affiliates collectively manage over $806 billion in assets as of January 31, 2020. The transaction, approved by the boards of directors of both companies, is expected to close no later than the third calendar quarter of 2020.
Stock To Watch: NeoGenomics (NEO)
NeoGenomics (NEO) is currently trading at $33.26, an increase of 3.54 percent from the previous closing price of $32.44.
The Company plans to release its fourth quarter and fiscal year 2019 financial results on February 27, 2020.
NeoGenomics is a commercial-stage cancer diagnostics and pharma services company. The Company has grown its revenue over the years, thanks to the unparalleled reach of its services into all customer segments, including hospitals, pathologists, and community oncology practices.
While reporting third-quarter results last October, the Company boosted its revenue outlook for full-year 2019 to a range of $401 million to $406 million from a prior range of $388 million to $402 million. The full-year revenue in 2018 was $276.7 million.
Analysts polled by Thomson Reuters expect the Company to report earnings of $0.28 per share on revenue of $406.22 million.
Last month, the Company acquired the Oncology Division assets of Human Longevity Inc. for $37 million. The Division generated approximately $10 million in revenues in 2019 and ended the year with a backlog of approximately $15 million of signed contracts.
Will NeoGenomics’ financial results meet or beat analysts’ expectations?
NEO has traded in a range of $16.30 to $34.44 in the last 1 year.
DuPont CEO and CFO to leave company
DuPont Inc. DD, +0.60% said Friday that Chief Executive Marc Doyle and Chief Financial Officer Jeanmarie Desmond are leaving the company, effective immediately. The specialty materials and chemicals company said Executive Chairman Ed Breen would take on the additional role of CEO and Lori Koch, vice president of investor relations and corporate financial planning, will be CFO. "While we made some progress in 2019, we did not meet our own expectations and we now need to move aggressively to secure our foundation for growth," Breen said. "We have solid businesses, but, as we discussed on our recent earnings call, we need to accelerate operational improvement and make sure we are taking appropriate action to deliver on our commitments for the year." DuPont’s stock, which tacked on 0.4% in premarket trading, has tumbled 31.2% over the past 12 months through Friday, while the Dow Jones Industrial Average DJIA, -0.60% has gained 13.6%.